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Comments Off on ‘Ditch NICs increase to free up funds for apprentices’

‘Ditch NICs increase to free up funds for apprentices’

‘Ditch NICs increase to free up funds for apprentices’

The Treasury is being urged to consider a late U-turn on introducing the National Insurance contributions (NICs) increase next month to boost apprenticeships.  All NICs rates will increase by 1.25% from April 2022 to help fund the development of the new health-and-social-care levy, which kicks in from April 2023. The Federation of Small Businesses (FSB) … Continued

Comments Off on HMRC eyes reform of stamp taxes and multiple dwellings

HMRC eyes reform of stamp taxes and multiple dwellings

HMRC eyes reform of stamp taxes and multiple dwellings

Changes to reform multiple dwellings relief and how stamp duty land tax is calculated on purchases of mixed-use properties could be in the pipeline. A 12-week consultation closed last month, after HMRC sought feedback on proposals to crack down on abuse by restricting homeowners from obtaining the relief. Multiple dwellings relief is available when at … Continued

Comments Off on £50m shot in the arm for the UK’s creative businesses

£50m shot in the arm for the UK’s creative businesses

£50m shot in the arm for the UK’s creative businesses

Film-makers and video-game developers will be among the creative firms that can benefit from a new £50 million pot.  The Department for Culture, Media and Sport (DCMS) has announced a multi-year UK global screen fund will open soon. That will provide £21m towards promoting UK films globally over the next three years, following a successful … Continued

Comments Off on Two million people missed self-assessment deadline

Two million people missed self-assessment deadline

Two million people missed self-assessment deadline

More than two million people missed a self-assessment tax return deadline on 31 January 2022, according to HMRC.  The tax authority said more than 10.2 million returns were filed ahead of the original deadline, leaving 2.3 million still to file. Late-filers had until 28 February 2022 to file their 2020/21 tax returns online before being … Continued

Comments Off on Deadline looms for new hospitality and leisure grants

Deadline looms for new hospitality and leisure grants

Deadline looms for new hospitality and leisure grants

Eligible businesses in England have until the end of this month to apply for the new Omicron hospitality and leisure grants. The Treasury announced more support for hospitality, leisure and accommodation businesses before Christmas last year. Chancellor Rishi Sunak said at that time the new grant scheme was part of a new support package worth … Continued

Comments Off on Treasury’s pensions tax relief bill soars past £42bn

Treasury’s pensions tax relief bill soars past £42bn

Treasury’s pensions tax relief bill soars past £42bn

The costs involved with providing pensions tax relief are predicted to have increased to £42.7 billion in 2020/21, according to HMRC.  Forecasts for the 2020/21 tax year showed another steady annual rise, following estimates of £41.3bn in 2019/20 and £38.2bn in 2018/19. The 2020/21 figure of £42.7bn was split between £22.9bn in income tax and … Continued

Comments Off on Omicron-hit employers can reclaim statutory sick pay

Omicron-hit employers can reclaim statutory sick pay

Omicron-hit employers can reclaim statutory sick pay

Small and medium-sized employers can reclaim money from the Treasury to cover statutory sick pay (SSP) paid to employees with COVID-19. Chancellor Rishi Sunak reintroduced the SSP rebate scheme last month, after it initially closed on 30 September 2021. It forms part of a series of measures announced to support businesses affected by the new … Continued

Comments Off on HMRC waives penalties again for late self-assessment

HMRC waives penalties again for late self-assessment

HMRC waives penalties again for late self-assessment

Anyone who missed last month’s self-assessment deadline has until 28 February 2022 to file their tax returns online before being fined.  HMRC said last month that fines would not be enforced on taxpayers who missed the 2020/21 deadline at midnight on 31 January 2022. The tax authority said COVID-19 had piled added pressure on individuals … Continued

Comments Off on Report sheds more light on changes to R&D regime

Report sheds more light on changes to R&D regime

Report sheds more light on changes to R&D regime

More details have emerged on upcoming changes to the UK’s research and development (R&D) regime, which will take effect from April 2023.  The Treasury published a report on R&D following last year’s Autumn Budget, in which Chancellor Rishi Sunak announced several new measures. “If we want greater private-sector innovation, we need to make our R&D … Continued

Comments Off on More red tape for importers as new EU checks kick in

More red tape for importers as new EU checks kick in

More red tape for importers as new EU checks kick in

Most UK importers were unprepared for the recent introduction of import controls on EU goods, according to a report from the Federation of Small Businesses (FSB).  Full customs declarations and controls took effect from 1 January 2022, although safety and security declarations are not required until 1 July 2022. Before 1 January 2022, full customs … Continued